COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 |
| | | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY |
NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
SCHLUMBERGER LTD | COM | 806857108 | 3,417 | 85,000 | SH | | DFND | | 85,000 | 0 | 0 |
NORWEGIAN CRUISE LINE HOLDIN | SHS | G66721104 | 3,130 | 53,600 | SH | | DFND | | 53,600 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901108 | 1,487 | 80,000 | SH | | DFND | | 80,000 | 0 | 0 |
NUTRIEN LTD | COM | 67077M108 | 479 | 10,000 | SH | | DFND | | 10,000 | 0 | 0 |
CHUBB LTD | COM | H1467J104 | 2,490 | 16,000 | SH | | DFND | | 16,000 | 0 | 0 |
AON PLC | SHS CL A | G0408V102 | 4,165 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
LIVANOVA PLC | SHS | G5509L101 | 829 | 11,000 | SH | | DFND | | 11,000 | 0 | 0 |
ALPHABET INC-CL A | COM | 02079K305 | 4,594 | 3,430 | SH | | DFND | | 3,430 | 0 | 0 |
AMAZON.COM INC | COM | 023135106 | 4,046 | 2,190 | SH | | DFND | | 2,190 | 0 | 0 |
AMEDISYS INC | COM | 023436108 | 1,368 | 8,200 | SH | | DFND | | 8,200 | 0 | 0 |
AMERICAN EXPRESS CO | COM | 025816109 | 3,610 | 29,000 | SH | | DFND | | 29,000 | 0 | 0 |
AMERICAN WATER WORKS CO INC | COM | 030420103 | 3,071 | 25,000 | SH | | DFND | | 25,000 | 0 | 0 |
APPLE INC | COM | 037833100 | 499 | 1,700 | SH | | DFND | | 1,700 | 0 | 0 |
APPLIED MATERIALS INC | COM | 038222105 | 1,953 | 32,000 | SH | | DFND | | 32,000 | 0 | 0 |
AQUA AMERICA INC | COM | 03836W103 | 281 | 6,000 | SH | | DFND | | 6,000 | 0 | 0 |
ATMOS ENERGY CORP | COM | 049560105 | 1,006 | 9,000 | SH | | DFND | | 9,000 | 0 | 0 |
BOYD GAMING CORP | COM | 103304101 | 1,347 | 45,000 | SH | | DFND | | 45,000 | 0 | 0 |
BROADRIDGE FINANCIAL SOLUTIO | COM | 11133T103 | 3,335 | 27,000 | SH | | DFND | | 27,000 | 0 | 0 |
CVS HEALTH CORP | COM | 126650100 | 1,857 | 25,000 | SH | | DFND | | 25,000 | 0 | 0 |
CACI INTERNATIONAL INC -CL A | CL A | 127190304 | 1,624 | 6,500 | SH | | DFND | | 6,500 | 0 | 0 |
COSTCO WHOLESALE CORP | COM | 22160K105 | 3,468 | 11,800 | SH | | DFND | | 11,800 | 0 | 0 |
WALT DISNEY CO/THE | COM DISNEY | 254687106 | 3,254 | 22,500 | SH | | DFND | | 22,500 | 0 | 0 |
DOLLAR GENERAL CORP | COM | 256677105 | 1,559 | 10,000 | SH | | DFND | | 10,000 | 0 | 0 |
EL POLLO LOCO HOLDINGS INC | COM | 268603107 | 529 | 35,000 | SH | | DFND | | 35,000 | 0 | 0 |
EASTGROUP PROPERTIES INC | COM | 277276101 | 1,180 | 8,900 | SH | | DFND | | 8,900 | 0 | 0 |
EPLUS INC | COM | 294268107 | 716 | 8,500 | SH | | DFND | | 8,500 | 0 | 0 |
EXLSERVICE HOLDINGS INC | COM | 302081104 | 1,528 | 22,000 | SH | | DFND | | 22,000 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 2,714 | 38,900 | SH | | DFND | | 38,900 | 0 | 0 |
FACTSET RESEARCH SYSTEMS INC | COM | 303075105 | 1,529 | 5,700 | SH | | DFND | | 5,700 | 0 | 0 |
FEDERAL SIGNAL CORP | COM | 313855108 | 1,451 | 45,000 | SH | | DFND | | 45,000 | 0 | 0 |
FORTIVE CORP | COM | 34959J108 | 1,069 | 14,000 | SH | | DFND | | 14,000 | 0 | 0 |
GILEAD SCIENCES INC | COM | 375558103 | 1,949 | 30,000 | SH | | DFND | | 30,000 | 0 | 0 |
GLOBUS MEDICAL INC - A | CL A | 379577208 | 1,106 | 18,800 | SH | | DFND | | 18,800 | 0 | 0 |
HEALTHPEAK PROPERTIES INC | COM | 42250P103 | 1,585 | 46,000 | SH | | DFND | | 46,000 | 0 | 0 |
HORACE MANN EDUCATORS | COM | 440327104 | 589 | 13,500 | SH | | DFND | | 13,500 | 0 | 0 |
INGEVITY CORP | COM | 45688C107 | 1,363 | 15,600 | SH | | DFND | | 15,600 | 0 | 0 |
INTEGRA LIFESCIENCES HOLDING | COM | 457985208 | 1,538 | 26,400 | SH | | DFND | | 26,400 | 0 | 0 |
INTL FLAVORS & FRAGRANCES | COM | 459506101 | 1,909 | 14,800 | SH | | DFND | | 14,800 | 0 | 0 |
INTUIT INC | COM | 461202103 | 2,881 | 11,000 | SH | | DFND | | 11,000 | 0 | 0 |
INTUITIVE SURGICAL INC | COM | 46120E602 | 3,073 | 5,200 | SH | | DFND | | 5,200 | 0 | 0 |
INVESCO S&P SMALLCAP INFORMA | S&P SMLCP INFO | 46138E115 | 57 | 600 | SH | | DFND | | 600 | 0 | 0 |
INVESCO S&P SMALLCAP INDUSTR | S&P SMLCP INDL | 46138E123 | 3,086 | 43,000 | SH | | DFND | | 43,000 | 0 | 0 |
ISHARES EDGE MSCI MIN VOL EM | ISHARES | 464286533 | 1,841 | 31,400 | SH | | DFND | | 31,400 | 0 | 0 |
ISHARES MSCI EMERGING MARKET | ISHARES | 464287234 | 816 | 18,200 | SH | | DFND | | 18,200 | 0 | 0 |
ISHARES MSCI KOKUSAI ETF | ISHARES | 464288265 | 24,502 | 331,700 | SH | | DFND | | 331,700 | 0 | 0 |
ISHARES JP MORGAN USD EMERGI | ISHARES | 464288281 | 3,310 | 28,900 | SH | | DFND | | 28,900 | 0 | 0 |
ISHARES CORE US REIT ETF | ISHARES | 464288521 | 2,363 | 43,300 | SH | | DFND | | 43,300 | 0 | 0 |
ISHARES US TREASURY BOND ETF | ISHARES | 46429B267 | 61,169 | 2,358,100 | SH | | DFND | | 2,358,100 | 0 | 0 |
J & J SNACK FOODS CORP | COM | 466032109 | 497 | 2,700 | SH | | DFND | | 2,700 | 0 | 0 |
JETBLUE AIRWAYS CORP | COM | 477143101 | 378 | 20,200 | SH | | DFND | | 20,200 | 0 | 0 |
LAMB WESTON HOLDINGS INC | COM | 513272104 | 2,580 | 30,000 | SH | | DFND | | 30,000 | 0 | 0 |
LANCASTER COLONY CORP | COM | 513847103 | 1,472 | 9,200 | SH | | DFND | | 9,200 | 0 | 0 |
MARTIN MARIETTA MATERIALS | COM | 573284106 | 2,376 | 8,500 | SH | | DFND | | 8,500 | 0 | 0 |
MID-AMERICA APARTMENT COMM | COM | 59522J103 | 791 | 6,000 | SH | | DFND | | 6,000 | 0 | 0 |
MONOLITHIC POWER SYSTEMS INC | COM | 609839105 | 890 | 5,000 | SH | | DFND | | 5,000 | 0 | 0 |
NEXTERA ENERGY INC | COM | 65339F101 | 1,113 | 4,600 | SH | | DFND | | 4,600 | 0 | 0 |
OLLIE'S BARGAIN OUTLET HOLDI | COM | 681116109 | 1,306 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
PGT INNOVATIONS INC | COM | 69336V101 | 1,401 | 94,000 | SH | | DFND | | 94,000 | 0 | 0 |
PS BUSINESS PARKS INC/CA | COM | 69360J107 | 1,088 | 6,600 | SH | | DFND | | 6,600 | 0 | 0 |
POOL CORP | COM | 73278L105 | 700 | 3,300 | SH | | DFND | | 3,300 | 0 | 0 |
REPUBLIC SERVICES INC | COM | 760759100 | 3,405 | 38,000 | SH | | DFND | | 38,000 | 0 | 0 |
S&P GLOBAL INC | COM | 78409V104 | 2,320 | 8,500 | SH | | DFND | | 8,500 | 0 | 0 |
SAFETY INSURANCE GROUP INC | COM | 78648T100 | 1,573 | 17,000 | SH | | DFND | | 17,000 | 0 | 0 |
SALESFORCE.COM INC | COM | 79466L302 | 3,252 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
HEALTH CARE SELECT SECTOR | SBI HEALTHCARE | 81369Y209 | 8,128 | 79,800 | SH | | DFND | | 79,800 | 0 | 0 |
CONSUMER STAPLES SPDR | SBI CONS STPLS | 81369Y308 | 1,417 | 22,500 | SH | | DFND | | 22,500 | 0 | 0 |
CONSUMER DISCRETIONARY SELT | SBI CONS DISCR | 81369Y407 | 3,386 | 27,000 | SH | | DFND | | 27,000 | 0 | 0 |
FINANCIAL SELECT SECTOR SPDR | SBI INT-FINL | 81369Y605 | 3,078 | 100,000 | SH | | DFND | | 100,000 | 0 | 0 |
INDUSTRIAL SELECT SECT SPDR | SBI INT-INDS | 81369Y704 | 8,391 | 103,000 | SH | | DFND | | 103,000 | 0 | 0 |
TECHNOLOGY SELECT SECT SPDR | TECHNOLOGY | 81369Y803 | 7,333 | 80,000 | SH | | DFND | | 80,000 | 0 | 0 |
COMM SERV SELECT SECTOR SPDR | COMMUNICATION | 81369Y852 | 6,022 | 112,300 | SH | | DFND | | 112,300 | 0 | 0 |
SERVICE CORP INTERNATIONAL | COM | 817565104 | 1,371 | 29,800 | SH | | DFND | | 29,800 | 0 | 0 |
SERVICEMASTER GLOBAL HOLDING | COM | 81761R109 | 2,319 | 60,000 | SH | | DFND | | 60,000 | 0 | 0 |
SPROUTS FARMERS MARKET INC | COM | 85208M102 | 445 | 23,000 | SH | | DFND | | 23,000 | 0 | 0 |
SQUARE INC - A | CL A | 852234103 | 1,000 | 16,000 | SH | | DFND | | 16,000 | 0 | 0 |
STEWART INFORMATION SERVICES | COM | 860372101 | 1,256 | 30,795 | SH | | DFND | | 30,795 | 0 | 0 |
WEBSTER FINANCIAL CORP | COM | 947890109 | 1,494 | 28,000 | SH | | DFND | | 28,000 | 0 | 0 |
WESTERN DIGITAL CORP | COM | 958102105 | 1,396 | 22,000 | SH | | DFND | | 22,000 | 0 | 0 |